公开叫价、会员垄断与非赢利组织地位——论期货交易所传统交易机制与组织形式的关系

在目前发生的国际期货市场的技术变革与组织创新背景下，作者研究了期货交易所传统交易机制与组织形式的关系。本文分析了以公开叫价为基础的交易机制、以会员资格垄断为特征的交易组织和以非赢利地位为核心的治理结构的相互联系，论证了期货交易所传统交易机制和组织形式之间的特定关系，研究了非赢利期货交易的分配约束、资金约束和组织行为特点。作者认为，非赢利性交易所是对公开叫价交易性质相对有效率的适应形式，但传统的交易

Open Bidding and Member Monopoly vs.the Position of Nonprofit Organizations

Under the conditions of contemporary technological changes and organizational innovations of international futures markets,the author investigates the relationship between the traditional trading mechanism and organizational form of futures exchanges.The paper analyzes the interrelationship of the trading mechanism based on open outcry,the transaction organization characterized by membership monopoly,and the non profit status as the core of the governance structure.After the discussion of non distribution and funding constraints and the characteristics of organizational behavior,the author argues that a non profit exchange is a relatively efficient adaptation to the nature of open outcry trading mechanism.However,the traditional governance structure of futures exchanges has some defects in such aspects as management incentive,member politics,decision efficiency,and market responsiveness.